Defined benefit pension plan

Reference no: EM1339990

Kenny's Aquatics, Inc. sponsors both a profit sharing plan and a defined benefit pension plan. For the current year, aggregate covered compensation totaled $2,000,000. To satisfy the minimum funding standards of the defined benefit pension plan, Kenny's Aquatics had to contribute $400,000. If Kenny's Aquatics would also like to contribute the maximum to the profit sharing plan, how much can they contribute?

A. $120,000

B. $240,000

C. $410,000

D. $500,000

Reference no: EM1339990

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